LONDON and CAMBRIDGE, England, July 26, 2013 /PRNewswire/ --
PolyTherics receives new investment to accelerate growth
PolyTherics Limited ("PolyTherics") announces that it has merged with Antitope Limited ("Antitope"), the leading provider of antibody engineering and immunogenicity screening services, to create an enlarged group with an extensive suite of services and technologies to enable the development of better biopharmaceuticals.
PolyTherics is issuing new shares up to an aggregate value of £13.5 million to fund the merger with Antitope and to provide working capital for the enlarged group. Imperial Innovations (AIM: IVO) led the investment and brought in new investor Invesco Perpetual with further funds provided by Mercia Fund Management and Advantage Enterprise & Innovation Fund.
The enlarged PolyTherics group will leverage its combined portfolio of proprietary and complementary technologies and services to address key needs in biopharmaceutical development. The combined portfolio will include conjugation technologies to produce more stable and homogeneous antibody drug conjugates, technologies to optimise the pharmacokinetics of biologics, technologies for immunogenicity screening, technologies to re-engineer antibodies and proteins to reduce their immunogenicity, and cell line development technologies. The group has a strong client base in the biotechnology and pharmaceutical industry, including many of the world's top companies.
Dr John Burt will continue as CEO of PolyTherics and Antitope will operate as a wholly owned subsidiary of the PolyTherics group. Dr Matthew Baker will continue as Chief Scientific Officer for Antitope and the company will retain its base, management and operational structure at the Babraham Research Campus, near Cambridge.
Copyright©2012 PR Newswire.
All rights reserved